From what I can tell, the 'Metal' offering runs on nodes with directly attached NVMe rather than network-attached storage. That means there isn't a per-customer IOPS cap – they actually market it as 'unlimited I/O' because you hit CPU before saturating the disk. The new $50 M-class clusters are essentially smaller versions of those nodes with adjustable CPU and RAM in AWS and GCP .
RE: EC2 shapes, it's not a shared EBS volume but a dedicated instance with local storage. BUT you'll still want to monitor capacity since the storage doesn't autoscale.
ALSO this pricing makes high-throughput Postgres accessible for indie projects, which is pretty neat.